Pensions
AVC PRSA For public sector employees we will assess your service history and Superannuation entitlements. Until recently if you wished to top up your pension the only option available to you was to make payments under your employer/union's avc arrangements (additional voluntary contributions). It is now possible for you to plan for your retirement in an independent and confidential manner by setting up an individual AVC PRSA (personal retirement savings account). This is a low cost, tax efficient way to save for your retirement.
Why an Individual AVC PRSA
Fund Choice: An individual AVC PRSA allows you to select the investment manager and the investment funds to suit your needs. However, with an employment AVC scheme, you will be limited to the investment manager and the investment funds that have been selected by the scheme's Trustees.
An individual AVC PRSA allows you to discuss retirement planning with an Independent Broker. With an employment AVC scheme you will only have the option to consult the advisors selected by the employer/union. In some instances individual advice may not even be available.
Confidentiality: An individual AVC PRSA is an individual contract between you and your broker.
Charges: You should also consider the charges applicable to both an individual AVC PRSA and any employment/union scheme available to you, as an AVC PRSA tends to be cheaper in most instances.
Pay less tax: Because PRSA AVC's qualify for tax at your highest rate of tax, you can actually reduce your income tax payments now, while you avail of a good investment opportunity.
Tax Free Growth: Your individual AVC PRSA will grow tax-free. This means you gain from all the growth and income your fund earns.
